Check out these ugly charts about Singapore's manufacturing sector

Manufacturers in limbo to keep production stable.

Manufacturing output, as measured by the monthly PMI, fell another 0.7 pt (-0.6 pt in July) to 49.1 last month, lower than market consensus of 49.5.

A mild expansion in output, +0.5 pt to 50.3, was offset by lower overall orders (-1.5 pts), inventory (-1 pt), imports (-1.4 pts) and employment (-1.4 pts).

Nomura Research points that if there is any silver lining, it is that new export orders rose 0.2 pt (-0.9 pt in Jul) to 50.4 and backlog orders jumped 3 pts to 51.5, the first expansion in over a year. Furthermore, Nomura said that despite stronger production amid weaker orders, finished goods inventories did not rise, dipping another 1.2 pts instead. The latter may drive stronger output in Sep.